Norman Macrae Foundation

The Foundation's experiences are that Western macroeconomics and macromedia accidentally spun ever less economic outcomes in many global markets - Norman's last article on the Yunus-inspired potential for 10 time more economic community banking be one case

The Foundation welcomes any opportunity to journalise the 50 most exciting projects using yunus type models, inviting youth's most heroic goals and matching leadership investment

Jamii Bora and maps of Africa's most exciting mobile networks of youth

Norman's Ftaher-in_law workled for 25 years with Mahtama Gnadhi and was fascinated by how Gandhi innovated a totally new eductaion system befrore directly mediating India'sfuture beyoind English Empire. So we are also extremely interested in revolutionary educational projuects empowering job creation and directing productivity of youth to serving heroic goals they vote for

Prior to setting up Norman Macrae Foundation we had spent much of 3 years surveying 2000 people's views on yunus book and circulating 10000 dvds on greatest projects of Grameen in Dhaka

Some of the people who most supported Norman's beliefs and publications:

The Imnperial family of japan celevbrated Noiramn'[s interaction of economics with Japanese Global Marketing with ward of Order of Rising Sun with Gold bars for making our global marketing more joyful than it would otherwise have been

Sloan management school provided Norman with advances fo0r his Biography on Von Neumann - whose views on the compound reisks economics were perpetrating were even more vivid than Norman's

More technocal references

Norman Macrae 1955 The London Cpoital Market - conclusion Capital Markets are the main conssitiution peoples in p plavce have for investing in intergenerational development; 1972 updateThe Next 40 year- the idea that capital markets should be for global corporations that owe no responsobility to peoples whose savings they take will, if not chnaged, compound global finacial meltdonw by 2010s

1962 Consider Japan: The most exciting nation for everyone to trade with over the next quarter of a century

1963 Sunshades in October- since world war 2 a njew species "macroeconomist" has grwon like topsy- it is sponsored by big government and short-term speculators; its rules pose the gereats riskl to te future of youth

1976 Entrepreneurial Revolution - the last quarter cenbtiry has compounded 10 macroeconoomic errors; the next quarter centiuryfaces the exciting chalenge of redesigning all organsiational system to regain entrepreneurial capacvity- we need to explore how to do this inj diverse ways before nay trends to go global

1984 The net generation faes greaster wordklwide chnage than any in hostory - thios will lead to one of 2 opposite outcomes- euther an era of 10 timesgreater human productivity or george orwell's big brother outcome

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....................................................How to Avert A Great Depression Through the Hungry 2010s?

Answer, By Making All Banking Very Much Cheaper

This was The Economist's Norman Macrae's last article written in December 2008

If banks in rich democracies had been truly competitiveinstitutions, at least one of them somewhere would have seizedhe main opportunity created by the computer.

This mainopportunity was to make all deposit-banking vastly cheaper thanver before. By this cheapening it should make such bankinghugely more profitable. Then further competition would searchfor the cheapest ways to guide all the world's saving into themost profitable (or otherwise most desirable) forms of capitalinvestment, thus enriching all mankind.

Instead, during 2008 the total losses of banks in rich democracies- in North America, West Europe and Japan - soared into trillionsof dollars. Fearful for their solvency, these banks virtually stoppedlending. The issuance of corporate bonds, commercial paper, andmany other financial products largely ceased. Hedge andinsurance firms also crashed.

Mankind is thus threatened in the2010s with its longest great depression since the hungry 1930s.

Why? The strange answer seems to be that other happy

consequences of modern technology promised to make this

cheapening even faster. Call centres in Bangalore vastly undercutthe middle class salaries of Midland bank clerk who until the1950s expensively answered clients' questions in their branchesin the City of London.

as do other men-- Samuel Pepys on discovering an important commercial fact oflife in his Diary, 21 July, 1662

The decent bosses of the deposit banks felt that the best way ofavoiding sacking nine tenths of their staffs was by competingwith a very different sort of financing called merchant bankingwhose earnings and bonuses were far more generous than thosegiven to their own staff. These merchant banks were of peculiarlydiffering pedigree.

In London, it was assumed that they could best

be run by families like Barings who had done the job for over 200years. In the 1990s, Barings went totally bust because one of itshired traders bet much of its money on a hunch that a badearthquake in Japan meant that the shares of Japanese banks andinsurance companies would become more profitable.

In Zurich,merchant banks felt it most moral to keep the accounts of their

depositors totally secret, especially if these accounts were being

used to defraud their own countries' tax authorities. In 2008 those

secretive banks were then defrauded.

In Wall Street, GoldmanSachs and Lehman Bros bid up their annual bonuses to millions ofdollars for each partner. In 2008 even Goldman Sachs made a lossand Lehman Bros went bust.

A former chairman of the Federal Reserve argues that "fearful

investors clearly require a far larger capital cushion to lend

unsecured to any financial intermediary now". He therefore thinks

that taxpayers money should be ladled into them to make those

investors less fearful. This seems far more likely to make

depositors intermittently more terrified and cause any depression

into the 2010s to linger on and on.

In the 1930. the chief economic adviser to the government ofSiam's was called Prince Damrong. I try always to remember it- quote from former director of International Monetary Fund.

One of the few big banks to make a profit in 2008 was the

Grameen Bank (which means Village Bank) in that once basketcase

country called Bangladesh. The sole staff in a branch serving

several villages was once a woman student. It is now more usually

someone who has learnt to use the computer in the right way.

The rest of this report will examine how this marvellously costcutting

operation works. Perhaps the most relevant and terrifying

analogy is to commercial airlines. In 1945, there were only a tiny

number of passenger airmiles flown on them. In each successive

year these increased hugely and in this slump time 2009 there willbe billions of passenger airmiles flown. In the late 1940s mostgovernments therefore created national airlines and wereconfident they would flourish in this boom industry, with official

regulation assuring they would be safe. Instead all proceeded to

lose money, and later privatised but large airlines also did. The

present trend is to cost cutting airlines like Ryan Air.

The same will happen to banks. Large banks mislending to the

rich have run into losses that have created the slump. Politicians,

thinking they are saving the world, are mislending huge sums to

these mislenders and will eventually make the slump worst.

How to create cost-cutting banks? To begin with ConsiderBangladesh- peculiar as this may seem..

exponential impact advisory: the social business youth networks inspired by muhammad yunus -without which millennium goal actions networks would be way behind are worth far more than any individual parts according to Norman Macrae Foundation trilliondollaraudit methodology and charter notespace

Beyond the extraordinary investment of the members bank at Grameen, and the approximate third share its members foundation holds in grameenphone, here is our Unofficial League Table of Most Impactful Social Business Investments around yunus - last update 1 dec 2012

-------- while not controlled by yunus we see wholeplanetfoundation microcredit investment table and conscious capitalsm movements and hugely important to advancing pro-youth economicsmission of friends of youth and yunus

Good News Media- even before Rupert Murdoch's expose filmakers like Will Wenders showed there is notimefelt to empower youth with joyful world service media

Will first 10000 entrepreneurial rural telecentres be owned mutually for poorest in communities or by Bill Gates- how does this depend on whether giving circles of billanthropists use microeconomic or macroeconomics's opposite valuation metrics?